Insurance Needs Analysis | Merit Financial Services

About You

Let's start with some basic details to personalise your analysis.

Full Name

Age

Email

Phone

Occupation

Smoker?

Number of Dependent Children

Your Income

We need your gross (before-tax) income from all sources.

Gross Salary (PAYG)

Your annual salary before tax

Net Rental Income (Annual)

Total rent received minus expenses, across all properties

Dividend / Share Income (Annual)

Other Income (Annual)

Business income, side hustles, etc.

Expenses & Lifestyle

How much does your household need to maintain its current lifestyle?

How would you like to enter your expenses?

Select Your Household Lifestyle Expense Range

Pick the band closest to your total annual household spending (mortgage, groceries, bills, insurance, kids, everything)

💡 Want a more accurate figure? Try our Budget Calculator first.

Your Debts

Outstanding loan balances — these would need to be cleared if something happened to you.

Home Mortgage Balance

Investment Property Mortgages

Add up to 4 investment property loan balances

Property 1

Personal Debt (Credit Cards, Car Loans, etc.)

Total Debts: $0

Your Assets

Your superannuation is particularly important — it would be paid out as a lump sum if you passed away or became totally disabled.

Superannuation Balance (Combined)

Total across all super funds (yours and partner's if relevant)

Cash / Savings

Investment Portfolio Value

Shares, managed funds, ETFs

Property Values (for context)

Estimated total value of all properties — this won't be used in the calculation directly

Existing Insurance

Tell us about any insurance cover you already have. Don't worry if you're unsure — we can help you find out.

Current Life / Death Cover

Current TPD Cover

Current Trauma / Critical Illness Cover

Current Income Protection (Monthly Benefit)

Where is your insurance held?

Your Insurance Needs Analysis

Based on the information you provided, here's what we recommend.

Prepared for —

Coverage Summary

Cover Type	Recommended	Current	Gap

Income Protection Details

Super vs Personal — Where to Hold Insurance

Feature	Death/TPD in Super	IP in Super	IP Personal
Tax Treatment	✅ Premiums tax deductible to fund (15%)	✅ Funding solution	✅ Full deduction at your marginal rate
Premium Impact	⚠️ Premiums increase significantly from mid-50s	❌ Only 15% tax offset vs personal marginal rate	✅ Broader benefit definitions
Retirement Impact	⚠️ Erodes retirement balance over time	❌ Restricted benefits under SIS legislation	—

Understanding Your Cover

Life / Death Cover

Pays a lump sum to your beneficiaries if you pass away. Designed to clear debts, replace lost income, and secure your family's future.

How it's paid:

Through super — premiums are tax-deductible to the fund (15%). Convenient, but premiums increase with age and can erode your retirement balance, particularly from your mid-50s onwards.
Outside super — premiums are not tax-deductible for life cover. However, keeping it separate protects your super balance from premium escalation.

Total & Permanent Disability (TPD)

Pays a lump sum if you become totally and permanently disabled and can no longer work. Covers debts, medical costs, home modifications, and ongoing living expenses.

How it's paid:

Through super — same tax treatment as life cover (15% deductible to the fund). Subject to SIS legislation conditions of release, which may restrict when you can access the benefit.
Outside super — premiums are not tax-deductible, but you have unrestricted access to the benefit with no SIS conditions.

Trauma / Critical Illness

Pays a lump sum on diagnosis of a specified critical illness (e.g. cancer, heart attack, stroke). Provides immediate funds for treatment, recovery, and time off work without touching your other assets.

How it's paid:

Outside super only — trauma cover cannot be held inside superannuation. Premiums are not tax-deductible, but the benefit is paid tax-free and with no restrictions.
We recommend a minimum of $250,000 to cover treatment costs and provide a meaningful recovery buffer.

Income Protection

Replaces up to 75% of your gross income if you're unable to work due to illness or injury. Pays a monthly benefit after a waiting period (typically 30 days) until you return to work or reach the end of the benefit period (typically age 65).

How it's paid:

Through super — premiums deductible at 15% to the fund. However, benefits may be restricted under SIS legislation (e.g. limited to 2-year benefit periods, reduced additional features). Less tax-effective than owning personally.
Outside super (recommended) — premiums are fully tax-deductible at your marginal tax rate (potentially up to 47% including Medicare levy). Broader benefit definitions, longer benefit periods, and more comprehensive cover. Generally the more tax-effective and flexible option.

Our Philosophy

"Be insured — but to the right levels."

"Don't get caught in an overinsured position where wealth creation is impacted."

"Review your insurance at least annually."

"Insurance through super is convenient, but monitor it carefully — rising premiums in your 50s can quietly erode your retirement savings."

"The right structure matters as much as the right amount."

Get a Personalised Quote from Merit Insurance

Henry Wilden, our Insurance Solutions Manager, can provide a tailored quote based on your needs analysis.

✓ Quote Requested

Thanks! Henry from Merit Insurance will be in touch within 24 hours.

Henry Wilden — Insurance Solutions Manager
Merit Insurance (ACN 651 654 823) | CAR of Paragem (AFSL 297276)
Ph: 1300 915 143 | services@meritinsurance.com.au